UID NO.-17BCM1015

Stock market is one of the most multilateral sector in the financial system,and stock market plays an important role in economic development. Stock market is a owner where facilities are provided to the investors to purchase and sell their shares, bonds and debentures etc. In simple language, stock market is a place for trading various securities and derivatives without any barriers. In stock market various companies are listed to their business ventures through public issues. In the current scenario, long term investors are investing in the companies through stock market to obtain profit. In India listed stock market are Bombay stock exchange(BSE),The National stock exchange(NSE) and The Calcutta stock exchange (CSE). These three are the largest Indian stock market or stock exchange in India.Indian market has started becoming informational more efficient corespond to developed countries. The study would facilitate the reader to understand the past , current and future aspects of Indian stock exchange or Indian share market.

KEYWORDS:-Shares, International stock exchange,Indian stock exchange(SEBI), Bombay Stock Exchange(BSE), National Stock Exchange(NSE), NIFTY and Sensex and companies.








STOCK EXCHANGE:- A stock exchange is an unified market for buying and selling financial instruments known as securities, which include share, bonds, options, and futures. Most stock exchanges have specific locations where the trades are completed. For the share of the company to be traded at these exchanges, it must be listed, and to be listed, the company must satisfy certain requirements. But not all shares are bought and sold at a specific site. Such stocks are referred to as unlisted. Many of these share are traded over the countery that is, by telephone or by computer. Major stock exchanges in the united states include the New York Stock exchange(NYSE) and the American stock exchange(AMEX), both in New York City. Far more corporation list their stock on the NYSE than on the AMEX, however. Nine smaller regional stock exchanges operate in Boston, Massachusetts; Cincinnati,Ohio; Chicago,Illinois; Los Angeles, California and Washington. In addition, most of the world’s industrialized nations have stock exchanges. Among the larger international exchanges are those in London, England, Paris, France, Milan, Canada and Tokyo japan. These stock have a central location for trading. The major over-the- counter market in the united states is in the Nasdaq Stock Market(formerly, the National association of securities dealers Automated Quotations) The European Association of securities dealers automated Quotation system(EASDAQ) is the major over-the-counter market for the European Union(EU).

Stock exchange transactions are involve the activities of brokers and dealers. These individuals facilitate the buying and selling of financial assets. Brokers execute traders on behalf of clients and receive commissions and fees in exchange for matching buyers and sellers. Dealers, on the other hand, buy and sell from their own portfolios(inventories of securities). Dealers earn income by selling financial instrument at a price that is greater than the price the dealer paid for the instrument.
INTERNATIONAL STOCK EXCHANGE (NON-US):-International stock exchanges, far too plenteous to list here, include the London Stock Exchange, The Bourse de Paris, the Tokyo Stock Exchange, The Hong Kong Stock Exchange. Globalization is pushing stock exchanges around the globe to combine and buy stakes in each other to meet clients demands. Today’s investors want to trade stocks of companies located anywhere in the world at a rapid pace, across various classes of assets, for a cheap price. Globalizing exchange transactions saves cost in the industry since the largest single expense is building the technology to operate trading platforms.







Stock Market is a market where the trading of company share, both listed securities and unlisted takes place.

It is different from stock exchange because it includes all the national stock exchanges of the country.

For example, we use the term, "the stock market was up today" or "the stock market bubble."
STOCK EXCHANGE:-Stock Exchanges are an organized marketplace, herein corporation or mutual organization, where members of the organization glaciate to trade company stocks or other securities.
The members may act either as agents for their customers, or as principals for their own accounts.
Stock exchanges also facilitates for the issue and redemption of securities and other financial instruments including the settlement of income and dividends.

The record keeping is central but trade is linked to such physical place because modern markets are computerized.

The trade on an exchange is only by members and stock broker do have a seat on the exchange.A stock exchange is an exchange where traders and stock brokers buy and sell shares of stock, bonds and other securities. It also offers facilities for issue and redemption of securities and other financial instruments. Stock issued by listed companies and unit trusts, bonds and pooled investment products can be traded on a stock exchange. A stock exchange functions as a ‘continuous auction’ market where transactions are conducted between the buyers and sellers.

A stock exchange plays an important role in the economy. It helps to raise capital for business, ingathering savings for investment, facilitates the growth of companies, and enables profit sharing. It assists in creating investment opportunities for small investors, and raising capital for development projects taken up by the government. It acts as a barometer of the economy.

HISTORY OF SHARE MARKETS: The first stock exchange in London was officially formed in 1773, a scant 19 years before the New York Stock Exchange. Whereas the London Stock Exchange (LSE) was handcuffed by the law restricting shares, the New York Stock Exchange has dealt in the trading of shares, for good or worse, since its inception. The NYSE wasn’t the first stock exchange in the U.S., however, that honor goes to the Philadelphia Stock Exchange, but it hastily became the most powerful. Formed by brokers under the diffusion boughs of a buttonwood tree, the New York Stock Exchange made its home on Wall Street. The exchange’s location, more than anything else, led to the dominance that the NYSE quickly acquire. It was in the heart of all the business and trade coming to and going from the United States, as well as the domestic base for most banks and large corporations. By setting listing requirements and demanding fees, the New York Stock Exchange became a very noble institution. The NYSE faced very little firm domestic competition for the next two centuries. Its international prestige rose in tandem with the burgeoning American economy and it was soon the most important stock exchange in the world. The NYSE had its share of ups and downs during the same period, too. Everything from the Great Depression to the Wall Street bombing of 1920 left scars on the exchange – the 1920 bombing left 38 dead and also left literal scars on many of Wall Street’s significant buildings. The less literal scars on the exchange came in the form of stricter listing and reporting requirements. On the international scene, London supervene as the major exchange for Europe, but many companies that were able to list internationally still listed in New York. Many other countries including Germany, France, the Netherlands, Switzerland, South Africa, Hong Kong, Japan, Australia and Canada developed their own stock exchanges, but these were largely seen as proving grounds for domestic companies to inhabit until they were ready to make the leap to the LSE and from there to the big leagues of the NYSE. Some of these international exchanges are still seen as dangerous territory because of weak listing rules and less rigid government regulation. Despite the existence of stock exchanges in Chicago, Los Angeles, Philadelphia and other major centers, the NYSE was the most powerful stock exchange domestically and internationally.
In 1971, however, an upstart emerged to challenge the NYSE hegemony.

History of Indian Stock Market: Indian share market marks to be one of the oldest stock market in Asia. It dates back to the close of 18th century when the East India Company used to transact loan securities. In the 1830s, trading on corporate stocks and shares in Bank and Cotton presses took place in Bombay.
Though the trading was broad but the brokers were hardly half dozen during 1840 and 1850. An informal group of 22 stockbrokers began trading under a banyan tree opposite the Town Hall of Bombay from the mid-1850s, each investing a (then) princely amount of Rupee 1. This banyan tree still stands in the Horniman Circle Park, Mumbai. In 1860, the exchange flourished with 60 brokers. In fact the ‘Share Mania’ in India began with the American Civil War broke and the cotton supply from the US to Europe stopped. Further the brokers increased to 250.

The informal group of stockbrokers organized themselves as the The Native Share and Stockbrokers Association which, in 1875, was formally organized as the Bombay Stock Exchange (BSE). BSE was shifted to an old building near the Town Hall. In 1928, the plot of land on which the BSE building now stands (at the intersection of Dalal Street, Bombay Samachar Marg and Hammam Street in downtown Mumbai) was acquired, and a building was constructed and occupied in 1930. Premchand Roychand was a leading stockbroker of that time, and he assisted in setting out traditions, conventions, and procedures for the trading of stocks at Bombay Stock Exchange and they are still being followed.

Several stock broking firms in Mumbai were family run enterprises, and were named after the heads of the family. The following is the list of some of the initial members of the exchange, and who are still running their respective business:
• D.S. Prabhudas ; Company (now known as DSP, and a joint venture partner with Merrill Lynch
• Jamnadas Morarjee (now known as JM)
• Champaklal Devidas (now called Cifco Finance)
• Brijmohan Laxminarayan In 1956, the Government of India recognized the Bombay Stock Exchange as the first stock exchange in the country under the Securities Contracts (Regulation) Act.

The most decisive period in the history of the BSE took place after 1992. In the aftermath of a major scandal with market manipulation involving a BSE member named Harshad Mehta, BSE responded to calls for reform with intransigence. The foot-dragging by the BSE helped radicalise the position of the government, which encouraged the creation of the National Stock Exchange (NSE), which created an electronic marketplace. NSE started trading on 4 November 1994. Within less than a year, NSE turnover exceeded the BSE.

BSE rapidly automated, but it never caught up with NSE spot market turnover. The second strategic failure at BSE came in the following two years.

NSE embarked on the launch of equity derivatives trading. BSE responded by political effort, with a friendly SEBI chairman (D. R. Mehta) aimed at blocking equity derivatives trading.
The BSE and D. R. Mehta succeeded in delaying the onset of equity derivatives trading by roughly five years. But this trading, and the accompanying shift of the spot market to rolling settlement, did come along in 2000 and 2001 – helped by another major scandal at BSE involving the then President Mr. Anand Rathi.

NSE scored nearly 100% market share in the runaway success of equity derivatives trading, thus consigning BSE into clearly second place. Today, NSE has roughly 66% of equity spot turnover and roughly 100% of equity derivatives turnover.

Stock Exchange provides a trading places, where buyers and sellers can meet to transact in securities.

. Capital Market: The capital market is divided into two segments a) Primary Market b) Secondary Market:-
Primary Market: Most companies are usually started privately by their promoters. However the promoters ‘capital and the borrowed capital from banks or financial organization might not be sufficient for running the business over the long term. That is when corporate and the government looks at the primary market to raise long term funds by issuing securities such as debt or equity. These securities may be issued at face value, at premium or at discount.

• Face Value: Face value is the original cost of the security as shown in the certificate/instrument. Most equity shares have a face value of Rs. 1, Rs. 5, Rs. 10 or Rs. 100 and do not have much bearing on the actual market price of the stock. When issuing securities, they may be offered at a discount or at a premium.

• Premium: When the security is offered at a price higher than the face value it is called a premium.

• Discount: When the security is offered at a price lower than the face value it is called a discount.

Secondary Market: The secondary market provides liquidity to the investors in the primary market. Today we would not invest in any instrument if there was no medium to liquidate our position. The secondary markets provide an efficient platform for trading of those securities initially offered in the primary market. Also those investors who have applied for shares in an IPO may or may not get allotment.

If they don’t then they can always buy the shares (sometimes at a discount or at a premium) in the secondary market. Trading in the secondary market is done through stock exchange. The Stock exchange is a place where the buyers and sellers meet to trade in stocks in an organized manner. The stock exchange performs the following functions:
• Provide trading platform to investors and provide liquidity,
• Facilitate Listing of securities
• Registers members – Stock Brokers, sub brokers,
• Make and enforce by-laws,
• Manage risk in securities transactions.
• Provides Indices
The stock market is where investors can trade in different financial instruments, such as shares, bonds and derivatives. The stock exchange is a mediator that allows buying/selling of shares.

In India, the two primary stock exchanges are the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). Further, there is a primary market where companies list their shares for the first time. Secondary markets allow investors to buy and sell shares issued during the initial public offering (IPO).

Few simple points to know about how the Stock Market works:
HYPERLINK ;; l ;work-stock-id; Working of the Stock Market.

HYPERLINK ;; l ;step-inve-id; Steps to Invest in the Indian Stock Market.

Working of the Stock Market
Before you learn the basics of trade, it is essential to know about how does stock market work? Here is its working explained in detail:
 The Stock Exchange Board of India (SEBI), stock exchanges, brokers, and traders/investors
The stock exchange provides a platform for trading in financial products. The companies (listing their shares), brokers, traders, and investors must register with SEBI and the exchange (Bombay stock exchange, National stock exchange, or regional exchanges) before trading.

Steps to Invest in the Indian Stock Market
 The companies file a draft offer document with the SEBI. This document comprises information about the company—shares being diluted, price band, and other details. On approval, the company offers its shares to investors through an IPO on the primary market.

 The Company issues and allots shares to some or all investors who bid during the IPO. The shares are then listed on the stock market (secondary market) to enable trading. This platform is a medium offered for the initial investors to exit their  HYPERLINK ;; share market investments. In addition, investors who failed to receive allotment during the IPO are given the opportunity to buy shares on the secondary market.

Stock Brokers:
 Broking agencies (registered with SEBI and the stock exchange) are intermediaries between the investors and the Indian stock market. On receiving instructions from the clients, the brokers place their orders on the market. On matching a buyer and seller, the trade is successfully executed. A confirmation is received from the stock exchange and sent to both the buyer and seller.

Historically, this procedure was manual and thus time-consuming and heavy. However, with online trading platforms, the whole procedure of matching buyers and sellers is done through the internet. This has declined the transaction time to a few minutes.

Nevertheless, there are thousands of potential investors and obtain all of them in one location is impossible. Stock exchanges and broking agencies play a conclusive role in this situation.

Order Processing:
 This occurs when an order is placed by brokers on behalf of their clients on the exchange where it is processed. There are several parties involved in the entire processing. When buyers and sellers are matched, the stock exchange sends a confirmation to both parties to avoid defaults. The executed trades are settled, which is the process where the buyer receives the shares and sellers receive their funds. The Indian stock market adopts the T+2 settlements, where the settlement occurs within two working days from the day of the transaction.

The majority of trading in India is done on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE). BSE was founded in 1875 and NSE was established in 1992; however, both these stock exchanges follow the same trading hours, mechanisms, and settlement processes.

Here are few point to know about the traditional mechanism of share market in India:
HYPERLINK "" l "trd-mechanism" Trading Mechanism
HYPERLINK "" l "trd-hrs" Trading Hours and Settlement
HYPERLINK "" l "trd-mkt-indices" Market Indices
HYPERLINK "" l "mkt-regulator" Market Regulator
Trading Mechanism
Trading in both these stock exchanges is conducted through an online electronic limit order book. This means that buy and sell orders are matched through trading computers. The Indian stock market is order-driven where buyers and sellers remain anonymous, providing greater limpidity to all investors. Orders are placed through brokers, most of which now provide  HYPERLINK "" online share trading services to retail investors.

Trading Hours and Settlement
The stock market adopts the T+2 settlement cycle. This means that if the trades are executed on Day 1, the buyers will receive their shares and sellers the sales proceeds after two working days from Day 1. The stock exchanges are operating between 9.15 AM and 15.30 PM from Monday to Friday. All deliveries must be made in an electronic form through  HYPERLINK "" demat account. Each exchange has a clearing house to settle all trades and reduce settlement risks.

Market Indices
The two most prominent Indian stock market indices include the BSE Sensex and Nifty. The Sensex is the oldest index comprising shares of 30 companies and represents roughly 45% of the free-float market capitalization. The Nifty includes 50 companies and accounts for approximately 62% of its free-float market cap.

Market Regulator
The responsibility of developing the stock market, regulating the exchanges, and forming rules is assumed by the Stock Exchange Board of India (SEBI). It was established in 1992 as an independent authority body. SEBI constantly lays down rules and regulations for best market practices. The regulator is also given the right to punish market participants in case of any breach or fraudulent activities.


Establishment Of SEBI

The Securities and Exchange Board of India was established on April 12, 1992 in accordance with the provisions of the Securities and Exchange Board of India Act, 1992

The Preamble of the Securities and Exchange Board of India describes the basic functions of the Securities and Exchange Board of India as "…to protect the interests of investors in securities and to promote the development of, and to regulate the securities market and for matters connected therewith or incidental thereto"

Stock markets are risky. Hence, they need to be regulated to protect investors. The Security and Exchange Board of India (SEBI) is mandated to supervise the secondary and primary markets in India since 1988 when the Government of India established it as the regulatory body of stock markets. Within a short period of time, SEBI became an autonomous body through the SEBI Act of 1992.

SEBI has the responsibility of both development and regulation of the market. It regularly comes out with extensive regulatory measures aimed at ensuring that end investors benefit from safe and transparent dealings in securities.

Its basic objectives are:
?Protecting the interests of investors in stocks.

Promoting the development of the stock market.

?Regulating the stock market.

SEBI Guidelines Regarding Rights Issues of a Company
SEBI guidelines regarding rights issues of a company are as follows:
1. Applicability:
These guidelines apply to the rights issues made by establishing listed companies (the companies whose equity capitals listed) Therefore a company whose debentures/bonds are listed but not the equity (i.e. shares) will not be governed by those guidelines. These guidelines are not applicable where the size of the issue is below Rs. 50 lakhs.

2. Withdrawal of a Rights Issue:
Rights issue cannot be withdrawn after the announcement of the record date. If done, then no security of the company shall be eligible for listing up to 12 months.

3. Underwriting:
The underwriting of rights issue shall be optional.

4. Appointment of Registrar:
Appointment of Registrars to Issue shall be compulsory.

5. Appointment of Merchant Banker:
Appointment of Category-1 Merchant Banker holding a valid certificate of registration issued by SEBI shall be compulsory.

6. Partly Paid Shares:
Partly paid shares, if any, must either be made fully paid or forfeited.

7. Letter of Offer:
Letter of offer shall contain disclosures specified by SEBI See Section III of SEBI guidelines relating to contents of offer document.

The Lead Merchant Banker shall:-
(i) Ensure compliance of the requirements of SEBI guidelines with respect to the offer document relating to rights issues.

(ii) File with SEBI a copy of the offer document at least 21 days before filing of the same with the Regional Stock Exchange.

8. Agreement with Depository:
The company shall enter into an agreement with the depository for dematerialization:
(i) Of securities already issued;
(ii) Proposed to be issued;
(iii) The subscribers/shareholders must be given an option of holding the shares in a dematerialised mode or by way of share certificates.

9. Closure of Rights Issue:
The rights issue must be kept open for a minimum period of 30 days. It cannot remain open for more than 60 days.

10. Minimum Subscription:
SEBI requires the following clauses in respect of minimum subscription to be stated in the letter of offer.

Where the company does not receive the minimum subscription of 90% of the issue the entire subscription will be refunded to the applicants within 42 days from the date of closure of the issue. If there is delay in the refund of the application money by more than 8 days after the company becomes liable to pay the amount, i.e. forty two days after closure of the issue, the company will pay interest for the delayed period, @ 15% per annum as prescribed in sub-sections (2) and (2A) of section 73 of the Companies act, 1956.

11. No Reservation in Rights Issues:
No reservation shall be allowed in rights issue.

12. Promoters Contribution and Lock-in-period:
The requirement of promoter’s contribution shall not be applicable in case of rights issues.

13. Rights of FCD/PCD Holders:
No company shall, pending conversion of fully convertible debentures/partly convertible debentures (FCD/PCD) issue any shares by way right unless similar benefit is extended to the holders of such FCDs or PCDs. The benefit shall be extended by making a reservation of shares in proportion to the convertible part of FCDs/PCDs. The shares so reserved may be issued at the time of conversion of such debentures on the same terms on which the rights issue was made.

14. Restriction on Further Capital Issues:
No company shall make any further issue of capital in any manner, whether by way of issue or otherwise, during the period commencing from the submission of offer document to SEBI on behalf of the company for rights issue, till the securities referred to in the said offer document have been listed or application moneys refunded on account of non-listing or under subscription, etc.

15. Over Subscription not to be retained:
Over-subscription shall not be retained under any circumstances.

16. Issue to be made fully Paid-up:
Issue shall be made fully paid-up within 12months except where the total issue size exceeds Rs. 500 crore.

17. Offer Document to be made Public:
The draft offer document filed with SEBI shall be made public for a period of 21 days from the date of filing the offer document with SEBI.

The Lead Merchant Banker shall:
(a) Simultaneously file copies of the draft offer document with the stock exchanges where the securities offered through the issue are proposed to be listed.

(b) Make copies of offer document available to the public.

Lead merchant banker or stock exchanges may charges an appropriate sum to the person requesting for the copy of offer document.

18. No Complaints Certificate:
After a period of 21 days from the date the draft offer document was made public, the Lead Merchant Banker shall file a statement with SEBI:
(a) Giving a list of complaints received by it.

(b) A statement by it whether it is proposed to amend the draft offer document or not, and
(c) Highlight of those amendments.

19. Dispatch of letter of offer:
In the case of rights issues, lead merchant banker shall ensure that the letters of offer are dispatched to all shareholders at least one week before the date of opening of the issue.

After the prospectus or letter of offer has been filed with the Registrar of Companies or stock exchange the printed prospectus or letter of offer shall be forwarded to SEBI at least 10 days prior to the issue opening date.

20. Composite Issues:
The Lead Merchant Banker shall ensure that the requirements of ‘minimum subscription’ is satisfied both jointly and severally, i.e., independently for both rights and public issues.

21. Underwriters:
(a) (i) If the issue is proposed to be closed at the earliest closing date, the Lead Merchant Banker shall satisfy himself that the issue is fully subscribed before announcing closure of the issue.

(ii) In case, there is no definite information about subscription figures, the issue shall be kept open for the required number of days to take care of the underwriters’ interests and to avoid any dispute, at a later date, by the underwriters in respect of their liability.

(c) In case there is a devolvement on underwriters, the Lead Merchant Banker shall ensure that the underwriters honour their commitments within 42 days from the date of closure of the issue.

(d) In case of under-subscribed issues, the lead merchant banker shall furnish information in respect of underwriters who have failed to meet their under writing devolvement’s to SEBI in the specified format.

22. Additional Facility for Applying:
The Lead Merchant Banker shall ensure that an advertisement giving the date of completion of dispatch of letters of offer is released in at least in one English National Daily with wide circulation, one Hindi National Paper and a Regional language daily circulated at the place where registered office of the issuer company is situated. The advertisement must be published at least 7 days before the date of opening of the issue.

23. Utilisation of Funds in Case of Rights Issues:
The issuer company may utilise funds collected against rights issues after satisfying Regional Stock Exchange that minimum 90% subscription has been received.

24. Compliance Report:
The Post-Issue Lead Merchant Banker shall file.

(a) 3 Day Post Issue Monitoring Report:
The report shall be filed on the 3rd day from the date of closure of the subscription of the issue.

(b) 50-Day Post-Issue Monitoring Report:
This report shall be filed on the 50th day from the date of closing of subscription of the issue.

Role of Stock Exchange
Raisingcapital For businesses.
Corporate governance Creating nvestment opportunities for small investors.

Barometer of the economy.

Mobilizing savings for investment.

Stock Market Timings in India.

. There are two major stock exchanges in India- Bombay stock exchange (BSE) and National stock exchange (NSE). However, the timing of both BSE ; NSE is the same.

First of all, you need to know that the stock market in India is closed on weekends i.e. Saturday and Sunday. It is also closed on the national holidays.
The normal trading time for equity market is between 9:15 am to 03:30 pm, Monday to Friday.

The trading time for commodity (MCX) market is between 10:00 AM to 11:30 PM, Monday to Friday.

The normal trading time for Agri-community (NCDEX) market is between 10:00 AM to 05:00 PM, Monday to Friday.

In addition, there is no lunch break or tea break in the Indian stock market timings.

The timings of the Indian stock market are divided into three sessions:
Normal session (also called continuous session)
Pre-opening session
Post-closing session
Now, let us discuss all these sessions to further understand their importance in the stock market timings in India.

This is the actual time where most of the trading takes place.

Its duration is between 9:15 AM to 3:30 PM.

You can buy and sell stocks in this session.

The normal trading session follows excess matching session i.e. whenever buying price is equal to the selling price, the transaction is complete. Here transactions are as per price and time priority.

The duration of the Pre-opening session is between 9:00 AM to 9:15 AM. This is further divided into three sub-sessions.

9:00 AM to 9:08 AM :
This is the order entry session.

You can place an order to buy and sell stocks in this duration.

One can also modify or cancel his orders during this period.

9:08 AM to 9:12 AM :
This session is used for order matching and for calculating the opening price of the normal session.

You cannot modify or cancel buy/sell order during this time.

9:12 AM to 9:15 AM :
This session is used as a buffer period.

It is used for the smooth translation of pre-opening session to the normal session.

Opening price of the normal session is calculated using multilateral order matching system. Earlier, the bilateral matching system was used which caused a lot of volatility when the market opened. Later, this was changed to multilateral order matching system to reduce the volatility in the market.

However, most people do not use the pre-opening session and only use the normal session for trading. That’s why there is still huge volatility even in the normal session after the pre-opening session.

The time between 3:30 PM to 3:40 PM is used for closing price calculation.

The closing price of a stock is the weighted average of the prices between 3:00 PM to 3:30 PM.

For the indexes like Sensex & nifty, its closing price is the weighted average of the constituent stocks for the last 30 minutes i.e. Between 3:00 PM to 3:30 PM.

The duration of the Post-closing session is between 3:40 PM to 4:00 PM.

You can place orders to buy or sell stocks in the post-closing session at the closing.
The Bombay Stock Exchange (BSE) is an Indian  HYPERLINK "" o "Stock exchange" stock exchange located at  HYPERLINK "" o "Dalal Street" Dalal Street,  HYPERLINK "" o "Mumbai" Mumbai (formerly Bombay).

Established in 1875, the BSE (formerly known as Bombay Stock Exchange Ltd.) is Asia’s first stock exchange. It claims to be the world’s fastest stock exchange, with a median trade speed of 6 microseconds. The BSE is the world’s  HYPERLINK ;; o ;List of stock exchanges; 10th largest stock exchange with an overall  HYPERLINK ;; o ;Market capitalization; market capitalization of more than $2.3 trillion on as of April 2018.

Bombay Exchange was founded by  HYPERLINK ;; o ;Premchand Roychand; Premchand Roychand. He was one of the most influential businessmen in 19th-century Bombay. A man who made a fortune in the stockbroking business and came to be known as the Cotton King, the Bullion King or just the Big Bull. He was also the founder of the Native Share and Stock Brokers Association, an institution that is now known as the BSE.

While BSE Ltd is now synonymous with Dalal Street, it was not always so. The first venue of the earliest stock broker meetings in the 1850s was in rather natural neighborhood – under banyan trees – in front of the Town Hall, where Horniman Circle is now situated. A decade later, the brokers moved their venue to another set of greenstuff, this time under banyan trees at the junction of Meadows Street and what is now called Mahatma Gandhi Road. As the number of brokers increased, they had to shift from place to place, but they always overflowed to the streets. At last, in 1874, the brokers found a permanent place, and one that they could, quite literally, call their own. The new place was, aptly, called Dalal Street (Brokers’ Street).

The Bombay Stock Exchange is the oldest stock exchange in Asia. Its history dates back to 1855, when 22 stockbrokers would gather under banyan trees in front of Mumbai’s Town Hall. The location of these meetings changed many times to accommodate an increasing number of brokers. The group eventually moved to Dalal Street in 1874 and became an official organization known as ;The Native Share ; Stock Brokers Association; in 1875.

On August 31, 1957, the BSE became the first stock exchange to be recognized by the  HYPERLINK ;; o ;Indian Government; Indian Government under the Securities Contracts Regulation Act. In 1980, the exchange moved to the  HYPERLINK ;; o ;Phiroze Jeejeebhoy Towers; Phiroze Jeejeebhoy Towers at  HYPERLINK ;; o ;Dalal Street; Dalal Street,  HYPERLINK ;; o ;Fort (Mumbai precinct); Fort area. In 1986, it developed the S;P  HYPERLINK ;; o ;BSE SENSEX; BSE SENSEX index, giving the BSE a means to measure the overall performance of the exchange. In 2000, the BSE used this index to open its derivatives market, trading S;P BSE SENSEX futures contracts. The development of S;P BSE SENSEX options along with equity derivatives followed in 2001 and 2002, expanding the BSE’s trading platform.

Historically an open outcry floor trading exchange, the Bombay Stock Exchange switched to an electronic trading system developed by CMC Ltd. in 1995. It took the exchange only 50 days to make this transition. This automated,  HYPERLINK "" o "Screen-based trading" screen-based trading platform called BSE On-Line Trading (BOLT) had a capacity of 8 million orders per day. The BSE has also introduced a centralized exchange-based internet trading system, to empower investors anywhere in the world to trade on the BSE platform. Now BSE has raised capital by issuing shares and as on 3rd May 2017 the BSE share which is traded in NSE only closed with Rs.999.

The BSE is also a Partner Exchange of the  HYPERLINK "" o "Sustainable Stock Exchanges Initiative" United Nations Sustainable Stock Exchange initiative, joining in September 2012.

BSE established India INX on 30 December 2016. India INX is the first international exchange of India.

The S&P BSE SENSEX (S&P Bombay Stock Exchange Sensitive Index), also called the BSE 30 or simply the SENSEX, is a  HYPERLINK "" o "Capitalization-weighted index" free-float market-weighted  HYPERLINK "" o "Stock market index" stock market index of 30 well-established and financially sound companies listed on  HYPERLINK "" o "Bombay Stock Exchange" Bombay Stock Exchange. The 30 component companies which are some of the largest and most actively traded stocks, are representative of various  HYPERLINK "" o "Industry" industrial sectors of the Indian economy. Published since 1 January 1986, the S&P BSE SENSEX is regarded as the pulse of the domestic stock markets in India. The base value of the S&P BSE SENSEX is taken as 100 on 1 April 1979 and its base year as 1978–79. On 25 July 2001 BSE launched DOLLEX-30, a dollar-linked version of S&P BSE SENSEX.

As of 25th September 2017, the full market capitalisation of S&P BSE SENSEX was about ?54,637.0878 billion (US$761 billion) (37% of GDP) while its free-float market capitalisation was ?30,094.2286 billion (US$419 billion). During 2008-12, Sensex 30 Index share of BSE market capitalisation fell from 49% to 25% HYPERLINK "" l "cite_note-1" 1 due to the rise of sectoral indices like BSE PSU, Bankex, BSE-Teck, etc.

Type HYPERLINK "" o "Stock exchange" Stock exchange
Location HYPERLINK "" o "Mumbai" Mumbai,  HYPERLINK "" o "Maharashtra" Maharashtra,  HYPERLINK "" o "India" India
Currency HYPERLINK "" o "" Indian rupee (?)
Website HYPERLINK ""
History of Sensex:-
S&P BSE SENSEX, first compiled in 1986, was calculated on a ‘
Market Capitalization-Weighted’ methodology of 30 component stocks representing large, well-established and financially sound companies thereon key sectors. The base year of S&P BSE SENSEX was taken as 1978-79. S&P BSE SENSEX today is widely reported in both domestic and international markets through print as well as electronic media. It is scientifically designed and is based on globally accepted construction and review methodology.

Since September 1, 2003, S&P BSE SENSEX is being calculated on a free-float market capitalization methodology. The ‘free-float market capitalization-weighted’ methodology is a widely followed index construction methodology on which majority of global equity indices are based; all main index providers like MSCI, FTSE, STOXX, and Dow Jones use the free-float methodology.

The growth of the equity market in India has been phenomenal in the present decade. Right from early nineties, the stock market witnessed heightened activity in terms of various bull and bear runs. In the late nineties, the Indian market witnessed a immence frenzy in the ‘TMT’ sectors. More recently, real estate caught the fancy of the investors. S&P BSE SENSEX has captured all these happenings in the most judicious manner. One can identify the booms and busts of the Indian equity market through S&P BSE SENSEX. As the oldest index in the country, it provides the time series data over a fairly long period of time (from 1979 onwards). Small wonder, the S&P BSE SENSEX has become one of the most prominent brands in the country.

Source : BSE
The National Stock Exchange of India Limited (NSE) is the leading  HYPERLINK "" o "Stock exchange" stock exchange of India, located in  HYPERLINK "" o "Mumbai" Mumbai. The NSE was established in 1992 as the first demutualized electronic exchange in the country. NSE was the first exchange in the country to provide a modern, fully automated screen-based electronic trading system which offered easy trading facility to the investors spread across the length and breadth of the country. Vikram Limaye is Managing Director & Chief Executive Officer (MD & CEO) of NSE.

National Stock Exchange has a total  HYPERLINK "" o "Market capitalization" market capitalization of more than US$2.27 trillion, making it  HYPERLINK "" l "Major_stock_exchanges" o "List of stock exchanges" the world’s 11th-largest stock exchange as of April 2018. NSE’s flagship index, the  HYPERLINK "" o "NIFTY 50" NIFTY 50, the 50 stock index is used extensively by investors in India and around the world as a barometer of the Indian capital markets. Nifty 50 index was launched in 1996 by the NSE. However, Vaidyanathan (2016) estimates that only about 4% of the Indian economy / GDP is actually derived from the stock exchanges in India.

Unlike countries like the United States where nearly 70% of the  HYPERLINK "" o "GDP" GDP is derived from larger companies and the  HYPERLINK "" o "Corporate" corporate sector, the corporate sector in India accounts for only 12-14% of the national GDP (as of October 2016). Of these only 7,800 companies are listed of which only 4000 trade on the stock exchanges at  HYPERLINK "" o "BSE SENSEX" BSE and NSE. Hence the stocks trading at the  HYPERLINK "" o "BSE SENSEX" BSE and NSE account for only around 4% of the  HYPERLINK "" o "Indian economy" Indian economy, which derives most of its income related activity from the so-called unorganized sector and households.

Economic Times estimated that as of April 2018, 60 million (6 crore) retail investors had invested their savings in stocks in India, either through direct purchases of equities or through mutual funds.Earlier, the Bimal Jalan Committee report estimated that barely 1.3% of India’s population invested in the stock market, as compared to 27% in USA and 10% in China.

HISTORY OF NSE:-NSE was mainly set up in the early 1990s to bring in transparency in the markets. Instead of trading membership being confined to a group of brokers, NSE ensured that anyone who was qualified, experienced and met minimum financial requirements was allowed to  HYPERLINK ;; o ;Trade; trade. HYPERLINK ;; l ;cite_note-9; 9 In this context, NSE was ahead of its times when it separated ownership and management in the exchange under  HYPERLINK ;; o ;Securities and Exchange Board of India; SEBI’s supervision. The price information which could earlier be accessed only by a handful of people could now be seen by a client in a remote location with the same ease. The paper-based settlement was replaced by electronic depository-based accounts and settlement of trades was always done on time. One of the most critical changes was that a robust risk management system was set in place, so that settlement guarantees could protect investors against  HYPERLINK "" o "Broker" broker defaults.

NSE was set up by a group of leading Indian financial institutions at the behest of the government of India to bring transparency to the Indian capital market. Based on the glorification laid out by the Pherwani committee, NSE has been established with a diversified shareholding comprising domestic and global investors. The key domestic investors include  HYPERLINK "" o "Life Insurance Corporation of India" Life Insurance Corporation of India,  HYPERLINK "" o "State Bank of India" State Bank of India,  HYPERLINK "" o "IFCI" IFCI Limited,  HYPERLINK "" o "IDFC" IDFC Limited and  HYPERLINK "" o "Stock Holding Corporation of India Limited" Stock Holding Corporation of India Limited. And the key global investors are Gagil FDI Limited, GS Strategic Investments Limited, SAIF II SE Investments Mauritius Limited, Aranda Investments (Mauritius) Pte Limited and PI Opportunities Fund I.

The exchange was incorporated in 1992 as a tax-paying company and was recognized as a stock exchange in 1993 under the Securities Contracts (Regulation) Act, 1956, when  HYPERLINK "" o "P. V. Narasimha Rao" P. V. Narasimha Rao was the Prime Minister of India and  HYPERLINK "" o "Manmohan Singh" Manmohan Singh was the Finance Minister. NSE commenced operations in the Wholesale Debt Market (WDM) segment in June 1994. The capital market (equities) segment of the NSE commenced operations in November 1994, while operations in the derivatives segment commenced in June 2000. NSE offers trading, clearing and settlement services in equity, equity derivatives, debt and currency derivatives segments. It was the first exchange in India to introduce electronic trading facility thus connecting together the investor base of the entire country. NSE has 2500 VSATs and 3000 leased lines spread over more than 2000 cities across India.

NSE was also instrumental in creating the  HYPERLINK "" o "National Securities Depository Limited" National Securities Depository Limited (NSDL) which allows investors to securely hold and transfer their shares and bonds electronically. It also allows investors to hold and  HYPERLINK "" o "Trade" trade in as few as one share or bond. This not only made holding financial instruments convenient but more importantly, eliminated the need for paper certificates and greatly reduced the incidents of forged or fake certificates and chouse transactions that had plagued the Indian stock market. The NSDL’s security, combined with the transparency, lower transaction prices and efficiency that NSE offered, greatly increased the attractiveness of the Indian share market to domestic and international investors.

NSE offers trading and investment in the following segments
Mutual Funds
Exchange Traded Funds
Initial Public Offerings
Security Lending and Borrowing Scheme etc.

Equity Derivatives (including Global Indices like CNX 500, Dow Jones and FTSE )
Currency Derivatives
Interest Rate Futures
Corporate Bonds
Equity Derivatives
The National Stock Exchange of India Limited (NSE) commenced trading in derivatives with the launch of index futures on 12 June 2000. The futures and options segment of NSE has made a global mark. In the Futures and Options segment, trading in NIFTY 50 Index, NIFTY IT index, NIFTY Bank Index, NIFTY Next 50 index and single stock futures are available. Trading in Mini Nifty Futures ; Options and Long term Options on NIFTY 50 are also available. The average daily turnover in the F;O Segment of the Exchange during the financial year April 2013 to March 2014 stood at ?1.52236 trillion (US$21 billion).

On 29 August 2011, National Stock Exchange launched derivative contracts on the world’s most followed equity indices, the S&P 500 and the Dow Jones Industrial Average. NSE is the first Indian exchange to launch global indices. This is also the first time in the world that futures contracts on the S&P 500 index were introduced and listed on an exchange outside of their home country, USA. The new contracts include futures on both the DJIA and the S&P 500, and options on the S&P 500.

On 3 May 2012, the National Stock exchange launched derivative contracts (futures and options) on FTSE 100, the widely tracked index of the UK equity stock market. This was the first of its kind of an index of the UK equity stock market launched in India. FTSE 100 includes 100 largest UK listed blue chip companies and has given returns of 17.8 per cent on investment over three years. The index constitutes 85.6 per cent of UK’s equity market cap.

On 10 January 2013, the National Stock Exchange signed a letter of intent with the Japan Exchange Group, Inc. (JPX) on preNparing for the launch of NIFTY 50 Index futures, a representative stock price index of India, on the Osaka Securities Exchange Co., Ltd. (OSE), a subsidiary of JPX.

Moving forward, both parties will make preparations for the listing of yen-denominated NIFTY 50 Index futures by March 2014, the integration date of the derivatives markets of OSE and Tokyo Stock Exchange, Inc. (TSE), a subsidiary of JPX. This is the first time that retail and institutional investors in Japan will be able to take a view on the Indian markets, in addition to current ETFs, in their own currency and in their own time zone. Investors will therefore not face any currency risk, because they will not have to invest in dollar denominated or rupee denominated contracts.

In August 2008, currency derivatives were introduced in India with the launch of Currency Futures in USD–INR by NSE. It also added currency futures in Euros, Pounds and Yen. The average daily turnover in the F;O Segment of the Exchange on 20 June 2013 stood at ?419.2616 billion (US$5.8 billion) in futures and ?273.977 billion (US$3.8 billion) in options, respectively.

Interest Rate Futures:-
In December 2013, exchanges in India received approval from market regulator SEBI for launching interest rate futures (IRFs) on a single GOI bond or a basket of bonds that will be cash settled. Market participants have been in favour of the product being cash settled and being available on a single bond. NSE will launch the NSE Bond Futures on 21 January on highly liquid 7.16 percent and 8.83 percent 10-year GOI bonds. Interest Rate Futures were introduced for the first time in India by NSE on 31 August 2009, exactly one year after the launch of Currency Futures. NSE became the first stock exchange to get an approval for interest-rate futures, as recommended by the SEBI-RBI committee.

Debt Market
On 13 May 2013, NSE launched India’s first dedicated debt platform to provide a liquid and transparent trading platform for debt related products.

The Debt segment provides an opportunity to retail investors to invest in corporate bonds on a liquid and transparent exchange platform. It also helps institutions who are holders of corporate bonds. It is an ideal platform to buy and sell at optimum prices and help Corporates to get adequate demand, when they are issuing the bonds.

Trading schedule
Trading on the equities segment takes place on all days of the week (except Saturdays and Sundays and holidays declared by the Exchange in advance). The market timings of the equities segment are:
(1) Pre-open session
Order entry & modification Open: 09:00 hrs
Order entry & modification Close: 09:08 hrs*
*with random closure in last one minute. Pre-open  HYPERLINK "" o "Order matching system" order matching starts immediately after close of pre-open order entry.

(2) Regular trading session
Normal/Retail Debt/Limited Physical Market Open: 09:15 hrs
Normal/Retail Debt/Limited Physical Market Close: 15:30 hrs.

Exchange Traded Funds and Derivatives on National Stock Exchange
The following products are trading on NIFTY 50 Index in the Indian and international Market:
7 Asset Management Companies have launched  HYPERLINK "" o "Exchange-traded fund" exchange-traded funds on NIFTY 50 Index which are listed on NSE
15 index funds have been launched on NIFTY 50 Index
Unit linked products have been launched on NIFTY 50 Index by several insurance companies in India
World Indices
Derivatives Trading on NIFTY 50 Index:
Futures and Options trading on NIFTY 50 Index
Trading in NIFTY 50 Index Futures on Singapore Stock Exchange(SGX)
Trading in NIFTY 50 Index Futures on Chicago Mercantile Exchange(CME)
NSE’s trading systems, is a state of-the-art application. It has an up time record of 99.99% and processes more than a billion messages every day with sub millisecond response time.

NSE has taken huge strides in technology in these 20 years. In 1994, when trading started, NSE technology was handling 2 orders a second. This increased to 60 orders a second in 2001. Today NSE can handle 1, 60,000 orders/messages per second, with infinite ability to scale up at short notice on demand, NSE has continuously worked towards ensuring that the settlement cycle comes down. Settlements have always been handled smoothly. The settlement cycle has been reduced from T+3 to T+2/T+1.

Financial Literacy
NSE has collaborated with several universities like Gokhale Institute of Politics ; Economics (GIPE), Pune, Bharati Vidyapeeth Deemed University (BVDU), Pune, Guru Gobind Singh Indraprastha University, Delhi, Ravenshaw University of Cuttack and Punjabi University, Patiala, among others to offer MBA and BBA courses. NSE has also provided mock market simulation software called NSE Learn to trade (NLT) to develop investment, trading and portfolio management skills among the students. The simulation software is very similar to the software currently being used by the market professionals and helps students to learn how to trade in the markets.

NSE also conducts online examination and awards certification, under its Certification in Financial Markets (NCFM) programmes.At present, certifications are available in 46 modules, covering different sectors of financial and capital markets, both at the beginner and advanced levels. The list of various modules can be found at the official site of NSE India. In addition, since August 2009, it offered a short-term course called NSE Certified Capital Market Professional (NCCMP). The NCCMP or NSE Certified Capital Market Professional is a 100-hour program for over 3–4 months, conducted at the colleges, and covers theoretical and practical training in subjects related to the capital markets. NCCMP covers subjects like equity markets, debt markets, derivatives, macroeconomics, technical analysis and fundamental analysis. Successful candidates are awarded joint certification from NSE and the concerned.

Since the founding of the  HYPERLINK ;; o ;BSE SENSEX; Bombay stock exchange,  HYPERLINK ;; o ;Stock markets; stock markets in  HYPERLINK ;; o ;India; India, particularly in Mumbai (BSE and  HYPERLINK ;; o ;National Stock Exchange of India; NSE) have seen a number of booms as well as crashes.

This page lists these  HYPERLINK ;; o ;Stock market crash; crashes and sharp falls in the two primary Indian stock markets, namely the BSE and NSE. HYPERLINK ;; o ;Financial Times; Financial Times terms a double-digit percentage fall in the stock markets over five minutes as a crash, while Jayadev et al. describe a stock market crash in India as a ;fall in the NIFTY of more than 10% within a span of 20 days; or ;difference of more than 10% between the high on a day and the low on the next trading day; or ;decline in the NIFTY of more than 9% within a span of 5 days;.As per the latter definition, the Nifty experienced 15 crashes during the period 2000 to 2008 with a number of them having occurred in the months of January, May and June 2008
A stock market crash is a sudden dramatic decline of  HYPERLINK ;; o ;Stock; stock prices across a significant cross-section of a  HYPERLINK ;; o ;Stock market; stock market, resulting in a significant loss of  HYPERLINK ;; o ;Paper wealth; paper wealth. Crashesare driven by panic as much as by underlying economic factors. They often follow  HYPERLINK ;; o ;Speculation; speculative  HYPERLINK ;; o ;Stock market bubble; share market bubbles.

Stock market crashes are  HYPERLINK ;; o ;Social phenomenon; social phenomena where external  HYPERLINK ;; o ;Economy; economic events combine with  HYPERLINK ;; o ;Crowd psychology; crowd behavior and  HYPERLINK ;; o ;Psychology; psychology in a  HYPERLINK ;; o ;Positive feedback; positive feedback loop where selling by some market participants drives more market participants to sell. Generally speaking, crashes usually occur under the following conditions: a prolonged period of rising stock prices and excessive economic  HYPERLINK ;; o ;Optimism; optimism, a market where  HYPERLINK ;; o ;P/E ratio; P/E ratios(Price-Earning ratio) exceed long-term averages, and extensive use of  HYPERLINK ;; o ;Margin (economics); margin debt and leverage by market participants. Other aspects such as wars, large-corporation hacks, changes in federal laws and regulations, and natural disasters of highly economically productive areas may also influence a significant decline in the  HYPERLINK ;; o ;NYSE; NYSE value of a large range of stocks. All such stock drops may result in the rise of stock prices for corporations competing against the affected corporations.

There is no numerically specific definition of a stock market crash but the term commonly applies to steep double-digit percentage losses in a  HYPERLINK ;; o ;Stock market index; stock market index over a period of several days. Crashes are often distinguished from  HYPERLINK ;; o ;Bear market; bear markets by  HYPERLINK ;; o ;Panic selling; panic selling and abrupt, dramatic price declines. Bear markets are periods of declining stock market prices that are measured in months or years. Crashes are often associated with bear markets, however, they do not necessarily go hand in hand. The  HYPERLINK ;; o ;Black Monday (1987); crash of 1987, for example, did not lead to a bear market. Likewise, the Japanese bear market of the 1990s occurred over several years without any legendary crashes.

The NIFTY 50 index is  HYPERLINK ;; o ;National Stock Exchange of India; National Stock Exchange of India’s benchmark broad based  HYPERLINK "" o "Stock market index" stock market index for the Indian equity market. Full form of NIFTY is National Stock Exchange Fifty . It represents the weighted average of 50 Indian company stocks in 12 sectors and is one of the two main stock indices used in India, the other being the  HYPERLINK "" o "BSE SENSEX" BSE sensex.

Nifty is owned and managed by  HYPERLINK "" o "India Index Services and Products" India Index Services and Products (IISL), which is a wholly owned subsidiary of the NSE Strategic Investment Corporation Limited.  HYPERLINK "" o "India Index Services and Products" IISL had a marketing and licensing agreement with  HYPERLINK "’s; o ;Standard ; Poor’s" Standard & Poor’s for co-branding equity indices until 2013. The Nifty 50 was launched 1st April 1996, and is one of the many stock indices of Nifty.

NIFTY 50 Index has shaped up as a largest single financial product in India, with an ecosystem comprising:  HYPERLINK ;; o ;Exchange traded fund; exchange traded funds (onshore and offshore), exchange-traded futures and options (at  HYPERLINK ;; o ;National Stock Exchange of India; NSE in  HYPERLINK ;; o ;India; India and at  HYPERLINK ;; o ;SGX; SGX and  HYPERLINK ;; o ;CME Group; CME abroad), other index funds and OTC derivatives (mostly offshore). NIFTY 50 is the world’s most actively traded contract. WFE, IOMA and FIA surveys endorse NSE’s leadership position.

The NIFTY 50 covers 12 sectors (as on Oct 7, 2017) of the  HYPERLINK ;; o ;Indian economy; Indian economy and offers investment managers exposure to the Indian market in one portfolio. During 2008-12, NIFTY 50 50 Index share of NSE market capitalisation fell from 65% to 29% due to the rise of sectoral indices like NIFTY Bank, NIFTY IT, NIFTY Pharma, NIFTY SERV SECTOR, NIFTY Next 50, etc. The NIFTY 50 Index gives 29.70% weightage to financial services, 0.73% weightage to industrial manufacturing and nil weightage to agricultural sector.

The NIFTY 50 index is a  HYPERLINK ;; o ;Capitalization-weighted index; free float market capitalisation weighted index. The index was initially calculated on full market capitalisation methodology. From June 26, 2009, the computation was changed to free float methodology. The base period for the CNX Nifty index is November 3, 1995, which marked the completion of one year of operations of National Stock Exchange Equity Market Segment. The base value of the index has been set at 1000 and a base capital of Rs 2.06 trillion.

First, we need to open a  HYPERLINK ;;utm_medium=fa_knowledgebank_ShareMarketBasics;utm_campaign=Knowledgebank;utm_content= Knowledgebank;utm_term=Knowledgebank; o ;Kotak Securities Online Trading Account; trading account and a demat account. This trading and demat account will be linked to our savings account to facilitate smooth transfer of money and shares.  HYPERLINK ;;utm_medium=fa_knowledgebank_ShareMarketBasics;utm_campaign=Knowledgebank;utm_content= Knowledgebank;utm_term=Knowledgebank; ;; Note that demat and trading account are different and we can read about the difference between them here.

We offer various trading tools to buy and sell shares that caters to our diversified set of traders and investors :
HYPERLINK ;; o ;Online Trading with Kotak Securities?utm_source=fa_knowledgebank;utm_medium=fa_knowledgebank_ShareMarketBasics;utm_campaign=Knowledgebank;utm_content= Knowledgebank;utm_term=Knowledgebank; Online trading: Want to take charge of your stock investing decisions? Our robust online trading system will help buy shares online with sheer ease and convenience. To buy shares online, log in to your trading account using your User ID, Password and Security Key/Access code.

KEAT PRO X: A jet speed  HYPERLINK ;;utm_medium=fa_knowledgebank_ShareMarketBasics;utm_campaign=Knowledgebank;utm_content= Knowledgebank;utm_term=Knowledgebank; o ;Stock Trading Software; online trading software to buy and sell shares online and real time
Kotak Stock Trader: Just tap and buy stocks on the go using  HYPERLINK ;;utm_medium=fa_knowledgebank_ShareMarketBasics;utm_campaign=Knowledgebank;utm_content= Knowledgebank;utm_term=Knowledgebank; o ;Mobile Trading with Kotak Securities; our mobile trading app on your smartphone.

Dealer assisted trading: Looking for some guidance to buy a stock? This is an assisted trading service which will help you make an informed investment decision.

Call and Trade: Don’t have access to your laptop or computer. You can call us and buy shares over the phone.

Fastlane: A light and fast Java based trading platform that makes share trading easy even on slow and age old computers
Xtralite: An extra light and a superfast trading website that’s works best even if you have a slow internet connection.

Now that we have understood what a stock market is, let us understand the four key financial instruments that are traded:

Companies need money to undertake projects. They then pay back using the money earned through the project. One way of raising funds is through bonds. When a company borrows from the bank in exchange for regular interest payments, it is called a loan. Similarly, when a company borrows from multiple investors in exchange for timely payments of interest, it is called a bond.

For example, imagine you want to start a project that will start earning money in two years. To undertake the project, you will need an initial amount to get started. So, you acquire the requisite funds from a friend and write down a receipt of this loan saying ‘I owe you Rs 1 lakh and will repay you the principal loan amount by five years, and will pay a 5% interest every year until then’. When your friend holds this receipt, it means he has just bought a bond by lending money to your company. You promise to make the 5% interest payment at the end of every year, and pay the principal amount of Rs 1 lakh at the end of the fifth year.

Thus, a bond is a means of investing money by lending to others. This is why it is called a debt instrument. When you invest in bonds, it will show the face value – the amount of money being borrowed, the coupon rate or yield – the interest rate that the borrower has to pay, the coupon or interest payments, and the deadline for paying the money back called as the maturity date. If you’re looking for a bond option that helps you save tax, you can read about  HYPERLINK " Knowledgebank&utm_term=Knowledgebank" "" tax free bonds.

Secondary Market:
The  HYPERLINK " Knowledgebank&utm_term=Knowledgebank" o "Share Market" share market is another place for raising money. In exchange for the money, companies issue shares. Owning a share is akin to holding a portion of the company. These shares are then traded in the share market. Consider the previous example; your project is successful and so, you want to expand it.

Now, you sell half of your company to your brother for Rs 50,000. You put this transaction in writing – ‘my new company will issue 100 shares of stock. My brother will buy 50 shares for Rs 50,000.’ Thus, your brother has just bought 50% of the shares of stock of your company. He is now a shareholder. Suppose your brother immediately needs Rs 50,000. He can sell the share in the secondary market and get the money. This may be more or less than Rs 50,000. For this reason, it is considered a riskier instrument.

Shares are thus, a certificate of ownership of a corporation. Thus, as a stockholder, you share a portion of the profit the company may make as well as a portion of the loss a company may take. As the company keeps doing better, your stocks will increase in value. 
Mutual Funds:
These are investment vehicles that allow you to indirectly invest in stocks or bonds. It pools money from a collection of investors, and then invests that sum in financial instruments. This is handled by a professional fund manager.

Every mutual fund scheme issues units, which have a certain value just like a share. When you invest, you thus become a unit-holder. When the instruments that the MF scheme invests in make money, as a unit-holder, you get money.

This is either through a rise in the value of the units or through the distribution of dividends – money to all unit-holders.

The value of financial instruments like shares keeps fluctuating. So, it is difficult to fix a particular price. Derivatives instruments come handy here.

These are instruments that help you trade in the future at a price that you fix today. Simply put, you enter into an agreement to either buy or sell a share or other instrument at a certain fixed price. 
A)Obtain a pan card:-
Mostly everyone, irrespective of being an investor has a PAN card. But there is a possibility that your PAN card has some mistake regarding your name or otherwise. The permanent account number written on the PAN card is a compulsory requirement for executing any financial transaction in our country. So the primary thing you will need to buy shares online is to have an error-free PAN card.

B)Hire a Stockbroker
The stock market is not a place where you can go directly and buy shares with cash. Some specific people are authorized by the stock exchange to execute the buying and selling of shares. These are called stockbrokers or just brokers. You need to hire a broker to assist you in buying stocks online and for fulfilling every other formality required to enter the Indian share market. Keep in mind that you should only hire a brokerage firm that charges a flat brokerage fee, rather than a commission on your transaction as it would be less expensive in many ways.

C)Open a Demat and a Trading account
Once you have hired a stockbroker, the next thing you need to do is open a Demat and a Trading account. As the shares are not given in the physical form anymore, the Demat account will hold your shares in digital and Dematerialized form. Whenever you buy or sell shares in the share market, the number of shares will be credited and debited in and from your Demat account respectively.

A Trading account facets the buying and selling of shares. It forms the link between your Demat account and your bank. It is just like a savings account you open in a bank. It takes the shares you have in the Demat account and sells them in the stock exchange. Usually, this process is executed by your stockbroker after opening your Demat and Trading account.

D)Bank account
You must have a bank account linked to your Demat and Trading account. When you buy shares, the amount of money is debited from your bank account, and the shares are credited to your Demat account. When you sell shares, your bank account is credited with the amount of money, and your  HYPERLINK "" Demat account is debited with the number of shares.

To be able to receive shares in your Demat account (when you buy shares) and money in your bank account (when you sell shares), you must have a bank account, and it should be linked with your Demat and Trading account for a smooth transaction.

E)UIN (Unique Identification Number)
You must check if you will need a UIN number for trading in the share market. UIN number is only needed if you plan to be involved in a single transaction of Rs.1,00,000 or above. If you don’t have a UIN; you won’t be able to do transactions which are equal to or greater than Rs 1 lakh.

F)Buying and selling shares
After all the formalities are done, you can start trading in the Indian share market and can buy or sell shares. For this, you have to tell your stockbroker the name of the company, the entry price and the total number of shares you want to buy. For example, if you want to buy 1000 shares of XYZ company at Rs 500, which currently is trading at Rs 550, you can tell your stockbroker to buy 1000 shares as soon the price drops down to 500.

Also, for example, if you want to sell your 1000 shares of the same company at Rs 700 in the future, which are currently trading at 600. You can, in this case also, tell your stockbroker to sell the shares once the price reaches Rs 700.

If the buy or sell order reaches its expiry date, your stockbroker will let you know about the same and the order will be canceled. You can again put the same order once it is withdrawn.

BROKER:-Also found in:  HYPERLINK "" Dictionary,  HYPERLINK "" Thesaurus,  HYPERLINK "" Medical,  HYPERLINK "" Legal,  HYPERLINK "" Idioms,  HYPERLINK "" Encyclopedia,  HYPERLINK "" Wikipedia.

Related to broker:  HYPERLINK "" Stock broker,  HYPERLINK "" Mortgage broker,  HYPERLINK "" Freight Broker
An individual who is paid a  HYPERLINK "" commission for  HYPERLINK "" executing customer orders. Either a  HYPERLINK "" floor broker who  HYPERLINK "" executes  HYPERLINK "" orderson the  HYPERLINK "" floor of the  HYPERLINK "" exchange, or an upstairs  HYPERLINK "" broker who handles retail customers and their orders. Also, person whoacts as an  HYPERLINK "" intermediary between a buyer and seller, usually charging a commission. A "broker" who specializes in HYPERLINK "" stocks,  HYPERLINK "" bonds,  HYPERLINK "" commodities, or  HYPERLINK "" options acts as an  HYPERLINK "" agent and must be  HYPERLINK "" registered with the exchange where the HYPERLINK "" securities are  HYPERLINK "" traded. Antithesis of  HYPERLINK "" deale.

What Do Brokers and Traders Do?
While both brokers and traders deal in securities, brokers are also sales agents, either on their own behalf or for a securities or  HYPERLINK "" "" brokerage firm. They are responsible for obtaining and maintaining a roster of regular individual customers, also known as retail customers, and/or institutional customers. Traders, on the other hand, tend to work for a large  HYPERLINK "" investment management firm, an  HYPERLINK "" exchange or a  HYPERLINK "" bank, and they buy and sell securities on behalf of the  HYPERLINK "" assets managed by that firm.

Brokers have direct contact with clients, and they buy and sell securities based on those clients’ wishes. Some may even act as financial planners for their clients, shaping a retirement plan, dealing with portfolio diversification, and advising on insurance or real estate investments, if their firm offers such financial and  HYPERLINK ;; wealth management services (as the larger  HYPERLINK ;; wire houses often do). They deal not only with equities and bonds, but mutual funds, ETFs and other retail products, as well as options, for more sophisticated clients.

Traders tend to buy or sell securities based on the wishes of a  HYPERLINK ;; portfolio manager (or managers) at an investment firm. A trader might be assigned certain accounts and charged with creating an investment strategy that best suits (i.e., makes money for) that client. Traders work in different markets – stocks, debt, derivatives, commodities and forex, among others – and may specialize in one type of investment or asset class.

A broker often spends a great deal of time keeping clients informed of variations in stock prices. Additionally, brokers spend a fair portion of their days looking to expand their client bases. They do this by cold calling potential customers, introducing themselves and showcasing their background and abilities, or holding public seminars on various investment topics.

Both brokers and traders look at  HYPERLINK ;; analyst research to make recommendations to clients or portfolio managers to buy or sell securities. However, traders often do their own research and analysis, too. Despite the old-time stereotype of an individual shouting offers and orders on a trading floor, most traders today spend their time on the phone or in front of their computer screens, analyzing performance charts and polishing their trading strategies – since making a profit is often all in the timing.

Make no mistake, though, both brokers and traders tend to have high energy levels. They are usually proficient at multitasking and can cope with a fast-paced, high-pressure environment, especially between the hours of 9:30 a.m. and 4 p.m. Eastern Standard Time, when the markets are open.

Becoming a Wall Street Trader
Now that we’ve given you an overview, it’s time to look more specifically at what’s involved in becoming a  HYPERLINK "" "" Wall Street trader. ("Wall Street" is used in the figurative sense of the financial services industry. In the digital age, traders can, and do, work from anywhere.) Though we’ll focus on the trading profession, the path to becoming a broker (i.e., the background and education) is pretty much the same. 
First, let’s discuss education. Once upon a time, traders were more of a self-taught breed. Nowadays, a four-year college degree is a basic requirement – at least, if you want to work for a reputable financial institution or company. Most traders have degrees in math (especially accounting), finance, banking, economics or business. Not that liberal arts types can’t have successful careers as traders – any field that encourages research and analytic thinking develops useful skills. But make no mistake, numbers-crunching, finance and business matters are a big part of the profession, and you need to be comfortable with them. Some aspirants even move on to obtain an MBA.

Whatever your major, you should learn as much as you can about the  HYPERLINK ;; financial markets. Make a regular habit of watching the financial channels or reading business publications like The Wall Street Journal or sites like, well, this one.

Although some leap right in after college, it’s not uncommon for traders to have some other sort of work experience prior to entering the field. They might work in a finance department at a corporation, for example. That’s even more true of brokers – given the high level of client interaction, any prior sales experience is highly valued.

Starting Out
The easiest way to get access to a Wall Street firm trading desk – the department where securities transactions take place – is to apply to an investment bank or brokerage. Begin with an entry-level position like an assistant to a stock analyst or trader and learn everything you can. Many financial firms offer internships (sometimes paid, sometimes not) and year-long training programs for straight-out-of-college types, especially for those on a track to get their trading license.

Requirements for Brokers and Traders: Exams and Licensing
Unless you only want to trade for yourself, being a trader or a broker requires you to obtain a  HYPERLINK ;; Financial Industry Regulatory Authority (FINRA) license to execute orders. And to get a license, you need to take some of FINRA’s tests.

To be a trader, you must pass (with a score of at least 70%) the Securities Trader Qualification Examination, now colloquially known as the  HYPERLINK "" Series 57 exam. Lasting nearly four hours, it consists of 125 questions, covering investment products, trading activities and reporting, professional conduct, regulatory requirements and maintaining records.

To be a broker, you must get a passing score (72% or higher) on the General Securities Registered Representative Examination – more commonly referred to as the  HYPERLINK "" Series 7 exam. The Series 7, a six-hour, 260-question exam (250 multiple choice, plus 10 others), tests the basics of investing and investment products, as well as the rules and regulations of the  HYPERLINK "" Securities and Exchange Commission (SEC). Many traders take this exam too.

In addition to the Series 7 and 57, many states require a candidate to pass the Uniform Securities Agents State Law Examination (commonly referred to as the  HYPERLINK "" Series 63 exam). The Series 63 exam also tests various aspects of the stock market. When an individual has a license from FINRA, he or she is then a member of the stock exchange and has the ability to buy or sell stocks and other securities.
As of this writing, some changes are set for the series tests, effective October 2018. A single  HYPERLINK "" Securities Industry Essentials Exam (SIE)will replace overlapping portions of the 7, the 57 and other series exams. Candidates will then take an additional, smaller "top-off" exam related to the specific field they hope to enter. The reforms will also make the exam-taking process more  democratic. Currently, you need to be employed or "sponsored" by a FINRA-registered company to take one of the tests. Sponsoring is often a part of financial firms’ training programs, with hiring conditional on a candidate qualifying for the license (similar to the way law firms engage law school graduates who are studying for the bar exam). The SIE removes this requirement, though you still have to be associated with a FINRA member firm to take the top-off exams.

Who participates in the stock market?
People who want to make money through short-term effort and research (traders), and people who want to make money through slow and steady operations (investors).Traders: are looking to buy from the lettuce guy in the back of the market who has to price his goods cheaply because he has lots of lettuce left over and by the time people make it to his table, they’ve already purchased their lettuce. "Please buy my lettuce! It’s good and it’s cheap."  Then, the trader will sell the lettuce at the front of the store for a profit. They know that location is important in selling lettuce, and they’re willing to work for it.Investors: are looking for opportunities to buy a great company at a good price. When people are fearful, they don’t know what will happen. Cash is king, after all. The selling of everything reduces prices, artificially, as nobody really wants to buy a farm if they think that next year, the locusts will destroy everything. The investor will buy the farm when nobody else wants to, and perhaps also some tarp to keep the locusts out. After the locusts pass, they own the farm and go about their farming for the next 17 years until the locusts come back. They purchase businesses with steady cash flows and wait until the opportunity is right.So who’s buying and who’s selling?There is only 1 reason to buy:* You expect to make money.There are uncountable reasons to sell: * You expect that keeping it will lose you money.* The company no longer pays the dividends it promised.* They fired their best manager.* The services they provide are no longer wanted (fax machines)* You think the price will go down and you can buy it cheaper.* You need the money right now.* You’re retiring and want some of the money now.* You’re borrowing money to start your own business.* A better company exists that didn’t earlier.* Your mathematical model says this price is too high.* Your risk management rules say you’re over-leveraged.* …With so many reasons to sell, there always seems to be a seller to pair with a buyer. Since everyone believes what they want to believe, buyers will be there for the sellers to sell to.Which brings me back to price fluctuations.  Have you ever been at the grocery store and noticed that, for whatever reason, the line to check out suddenly formed just before you got in line? Humans do that at times. Random chance puts us in this situation from time to time, but more often then not, things we see influence our decisions. You saw the line forming and thought you should get in line before it gets too long. Were you done with all your shopping? Maybe you forgot something in your haste.  It’s even more pronounced with money.  Anyway, prices fluctuate based on supply and demand, but every-so-often, there is just far too much of one or the other, which causes wild imbalances. There are people that anticipate these imbalances and attempt to profit from it, by perhaps, adding another cashier just before people start leaving their shopping baskets in the middle of the isles and walk out in protest. Fewer cashiers = cost savings, but fewer customers = opportunity lost. There is a balance to these things.  The trick is to know where the customer’s time threshold is… and the same in the stock market. How much higher can a stock go before people start selling to fill their pockets? Or how much lower before the investors step in to buy shares at a discount?
In order to buy  HYPERLINK "" "" stocks, you need the assistance of a  HYPERLINK "" "" stock broker since you cannot just phone up a company and ask to buy their shares yourself. For inexperienced investors, there are two basic categories of brokers to choose from – a  HYPERLINK "" "" full-service broker or a  HYPERLINK "" "" online/discount broker.

Full-Service Brokers
Full-service brokers are what most people visualize when they think about investing – well-dressed, friendly business people sitting in an office chatting with clients. These are the traditional stock brokers who will take the time to get to know you personally and financially. They will look at factors such as: marital status, lifestyle, personality,  HYPERLINK "" "" risk tolerance, age (time horizon), income, assets,  HYPERLINK "" "" debts, etc. By getting to know as much about you as they can, these full-service brokers can then help you develop a long-term  HYPERLINK "" "" financial plan.

Not only can these brokers, also often referred to as  HYPERLINK "" "" financial advisors, help you with your investment needs, but they can also provide assistance with  HYPERLINK "" "" estate planning, tax advice, retirement planning, budgeting and any other type of financial advice, hence the term "full-service." They can help you manage all of your financial needs now and long into the future and are for investors who want everything in one package.

In terms of fees, full-service brokers are more expensive than discount brokers but the value in having a professional  HYPERLINK "" "" investment advisor by your side can be well worth the additional costs – accounts can be set up with as little as $1,000. Most people, especially beginners, would fall under this category in terms of what type of  HYPERLINK "" "" broker they require.

Online/Discount Brokers
Online/discount brokers, on the other hand, do not provide any  HYPERLINK "" "" investment advice and are basically just  HYPERLINK "" "" order takers. They are much less expensive than full-service brokers since there is typically no office to visit and no certified investment advisors to help you. Cost is usually based on a per-transaction basis and you can typically open an account over the internet with little or no money. Once you have an account with an online broker, you can usually just log on to its website and into your account and be able to buy and sell stocks instantly.

Just remember, since these types of brokers provide absolutely no investment advice, stock tips or any type of investment help, you’re on your own to manage your investments. The only assistance you will usually receive is technical support. Online (discount) brokers do offer investment-related links, research and resources that can be useful. If you feel you are knowledgeable enough to take on the responsibilities of managing your own investments or you don’t know anything about investing but want to teach yourself, then this is the way to go.

The bottom line is that your choice of broker should be based on your individual needs. Full-service brokers are great for those who are willing to pay a premium for someone else to look after their finances. Online/discount brokers, on the other hand, are great for people with little start-up money and who would like to take on the risks and rewards of investing upon themselves, without any professional assistance.

Reasons for investing in Indian Share market
An account of GDP expansion rate
Order book of the firm
Yearly expansion of the stock market
FDI in India
Growth of global players
Strong guidelines
. Reforms Matter.

In India, these include foreign direct investment, the Land Acquisition Bill, the coal and power sector, direct transfer subsidies, streamlined tax regimes. The Bombay Stock Exchange’s Sensex index is up 19.15% in rupees since Modi took over in May. It rose 8.9% in all of 2013.

2. China-style GDP Growth.

India is expected to have the fastest GDP growth rate in emerging markets and will beat China by 2016 if it grows over 7.5% next year. The government is counting on 8%.

;You have to be in India,; says Peter Kohli, CEO of DMS Funds, an emerging markets specialty firm in Leesport, Pa. ;It’s a bull market for the next five years," he told me over a sushi lunch at Koi in New York recently.

3. Raghuram Rajan.

Investors like the monetary policy discipline of Rajan. India is focused on managing inflation, which helps the central bank to lower interest rates as it did recently. A stable and strengthening rupee also reduces forex risk for U.S. investors. The lower price of oil and better fiscal management, including cutting government subsidies, will help reduce twin fiscal deficits.

4. Corporate Earnings.

India Inc’s corporate earnings growth rate is expected to average 7% this year, which is better than the average earnings growth rate in the MSCI All Country World Index. Next year is even better once corporate taxes get cut, and the federal goods and services tax replaces state taxes for companies shipping goods across boundaries. Bloomberg data estimates average corporate earnings for the MSCI India Index to be over 16%.

5. Early Innings.

It’s not too late to buy India. Fund managers like Kohli recommend buying on pull-backs in the market. Current forward valuation levels point to sustainable growth at a reasonable price over the long term, Emerging Global says.

"Modi knows where and how he wants to get from point A to point B and he’ll do it,; says Vladimir Signorelli, president of boutique research investment firm Bretton Woods Research in Long Valley, NJ. BWR released their monthly index rankings for 46 countries. India ranked at No. 10. It is second only to China as a top two emerging markets for investors for the month ahead. China was ranked No. 7. E.U. countries, the U.S. and Japan all finished out the top 10.

Details about factors influencing Indian stock market

Market trends – bullish and bearish;-Professionals in corporate finance regularly refer to markets as being bullish and bearish based on positive and negative price movements.  A bear market is typically considered to exist when there has been a price decline of 20% or more from the peak, and a bull market is considered to be a 20% recovery from the bottom.

Bullishness is a sentiment or mindset adopted by a  HYPERLINK ;; o ;; trader, thinking securities will move up in price. The opposite of this term is bearishness, which is the sentiment that  HYPERLINK ;; o ;; securities and markets are moving down in price.

FIRMS RELATED FACTORS;- Any change in the company attribute makes its stocks volatile, Increase sales revenue fall in the cost of operation , product launch, repayment of debt etc. Increase future cash flows of the company.investor develop an optimistic outlook towards the company.Demand for the share of the company grows.hence positive factors leads to rise in stock prices. Negative factors constitute product failure, change in top management high employee turnover , high manufacturing cost, falls in sales revenue etc.its adversely impact company’s productivity and future earnings.investors abandon shares of loss- making results in fall in the stock price of the company.

MONETARY POLICY OF RBI:-RBI reviews its monetary policy any increasedecrease in REPO and reverse REPO rates changes the stock prices. Investors perceive it as an impediment in expansionary activities of the business. They start offloading shares of the company which reduces its stock prices.reverse of this happens when RBI follows a divish monetary policy.

EXCHANGE RATES:-The exchange rate of indian rupee is fluctuating vice versa other currencies.When rupee hardens in respect to other currencies, it sets a multidimentional chain reaction. It cause indian goods to become expensive in foreign market.softening of goods vice versa other currencies triggers entirely opposite this the stock price of the exporters rises wherease those of the importers fall.

POLITICS:-The agenda of politics parties also affects the direction of the stock prices. A development agenda results is market exuberance. Conversely, an undefined and weak politic manifesto makes the stock prices to slide.Adiitionally political instability, the imosition of embargo war like situation and civil riots may cause stock pricesto go southwards.

GOLD PRICES AND BONDS:-No established theory express the relationship between the prices stocks and gold or bond.Take the pre- period election in india, the demonetisation or US presidential elections, investors were flocking towards safars havens. As a result gold and bond prices surged while the stock prices continue to decline.

Narasimham Committee Report (1992) on ?nancial system.

2. L. C. Gupta Committee Report (1997) In India, derivatives was introduced in a phased
manner after the recommendations.

4. Damodar N. Gujarati (2007), “Basic Econometrics”, Tata Mc. Graw Hill publishers, 4e,
pp. 1-396.

5. John Hanke (2009), “Business Forecasting”, Prentice Hall of India, Eastern Economy
edition, pp. 381-457.

6. Peijie Wang ( 2009), ” Financial Econometrics”, Roultledge Publishers, 2e, pp. 66-74.

Ramu Ram anathan (2002), “Intro ductory Econom etrics with App lications”, 5 e,
Cengage Learning, Harcourt College Publishers.

7. Richard Harris & Robert Sollis (2006), “Applied Time Series Modeling & Forecasting”,
Wiley Publishers, Student Edition, pp. 213-259.

8. line .com
12. Ms. Anju bala “Indian stock market – review of literature” in TRANS Asian Journal of
Marketing & Management Research Vol.2 Issue 7, July 2013, ISSN 2279-0667.

13. Amanulla S and Kamaiah B (1995): Market Integration as an Alternative test of Market
E?ciency: A case of I ndian stock Market. Artha Vijana, September N 3 PP 215-230.

14. Arun Jeth Malani, "Risky Business", The Economics Times, Daily, Vol. 39, No. 119, July 1
st , 1999, p.12.

15. Avij ith Ba nerje e, "A Gl impse of Por tfoli o Mana gemen t", The Ma nagem ent
Accountant, Monthly Vol. 39, No.10, October 1998, p.774.

16. Bhanu Pant and Dr.Bishnoy(2001),”Testing Random Walk Hypothesis for Indian Stock
Market Indices, paper presented at IICM conference in 2002, pp. 1 -15.

17. Fama, E. F., “E?cient Capital Markets: A Review of Theory and Empirical Work.” The
Journal of Finance (1970): 383-417.

18. James Riedel (1997): “Capital Market Integration in Developing Asia”. Black well
Publishers Ltd.

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Development, Delhi.

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application of Variance Ratio Test”, Vikalpa, Vol.23(4), pp.61-73.

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in the Emerging Markets: A case study of India, Singapore and Taiwan”, Research Paper NSE,India.


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